Market Trends of Small UAV Industry
Civil and Commercial Segment Is Expected to Witness Significant Growth During The Forecast Period.
- The civil and commercial segment is expected to witness significant growth during the forecast period. Commercial usage applications for small UAVs have been on an ever-increasing trend for the past few years. These drones are being used extensively for videos ranging from entertainment to engineering inspections, marketing, and advertising on a large scale.
- Similarly, the long-endurance capability also enables them to be used for other commercial and civil purposes like agriculture, land surveying, route mapping services for navigation, etc. According to the global Small UAV Coalition, these small UAVs are anticipated to be largely used for applications like small-load courier delivery and logistics, digital photography, and videography for filmmakers where using helicopters is not feasible or economical. As a result of this surge in demand, major companies offering products in this market have been on an inventing spree to gain deeper market penetration and competitive advantage as a result.
- Similarly, the number of commercially used drones has extensively increased over the years. Moreover, due to various market developments, this segment is expected to witness a healthy growth rate during the forecast period.
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North America is Expected To Witness Significant Growth During The Forecast Period
- The North American region is expected to witness significant growth during the forecast period. In the race to develop new technologies to be used in the event of an adversary attack from China, the United States has been developing new UAV technologies with the inclusion of onboard tracking and payload-carrying capacities. As part of this, a significant amount of research and development, along with testing various new autonomous UAVs and drone defense technologies, is taking place in the country.
- Increasing defense spending, rising use of small UAVs, and the adoption of small drones for civilian applications drive market growth across the United States. Furthermore, the country's aviation regulatory authorities have also permitted the use of small UAVs to be used for flight above the general population and at night. Moreover, the country's defense manufacturers have been extensively developing next-generation UAVs with capabilities far beyond today's requirements.
- For instance, in January 2022, Raytheon Technologies demonstrated the counter-drone capability of its small Coyote Block 2+ drone, showcasing unmanned vehicles blasting unmanned aerial drones. This new Coyote small drone is also equipped with tracking and surveillance technologies that can be used for ISR applications before engaging a target with its warhead, providing the United States with an immense tactical advantage.
- Canada has been one of the few countries extensively implementing drones for both commercial and military applications. The small UAVs are employed for last-mile logistics and military mission aid functions that are regularly carried out in the country. Furthermore, the country's tricky and difficult terrains sometimes require the use of small UAVs for reconnaissance and search and rescue operations to be aided by using small UAVs. The national government's favorable outlook toward the use of small and medium UAVs is anticipated to further drive the demand for small UAVs in the coming years. Thus, owing to major developments and government investments, this segment of the market is expected to witness a significant growth rate during the forecast period.
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